Not in OS 9 that I am aware of. You could spit out an MPEG-1 (Toast has an extension to do this, among others), but not -2 or -4. OS X can do it, of course.

edit: for CJ_Miller, never had any issues with sync on my Fuse. I had more with my Formac ProTV, but that was probably due to the CPU issue (it offloads a lot to the host computer).